One year of crypto and...first contact is Eobot
Dear steem-bountiers
as you can see from the image in the post topic, this was the situation in Eobot one year ago.
This was my first experience with Hashflare about cloud mining.
At that time all expert give the suggestion to use cloud mining services because there was not need to buy expensive hardware and spend a lot of money of energy consumption, so why not, the cost of BTC was decreasing but was still over 13k usd and the cost of 1 GHS 4.0 was JUST 1.86 usd, so what could be so crazy to start to mining BTC in 2018 with own hardware?
After one year this is the present situation:
Could mining now cost is 0.01 usd and it is holded because the energy consumption is over than mining benefit and all crypto values loose over 300% of their value.
But this is not the main problem, now we are in a deep bear market and nobody is now believe that crypto is short time investment, so how many years we should wait to see such values again?
I would like to get exchange opinion from who can give me some different view of my bad experience and as usual i will put a bounty.
Thats why i would support my beloved community of @steem-bounty.
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Nice :)
I read your post through the @pifc pimp blog and going to learn more about it!
Dear @brittandjosie, i am just making a review of my experience After One year in crypto.
I am trying to share opinions and learning Better how this crypto world Is going, you Will see in my next posts how many mistake i did due to not knowelage...☹️
Posted using Partiko Android
I Will let me know When its up
Eobot only mines bitcoin. They claim that you can mine many cryptocurrencies like litecoin, ripple, stellar etc. but this can not be true. Ripple and stellar can not be mined because they have been created already.
Mining bitcoin is very unprofitable because there are to many competitors who are trying to mine bitcoins and thus every block reward is devided through many miners. In addition every block reward halfs every three years and thus mining refenues will decline sharply every three years.
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@intellihandling, as with anything else, cryptocurrency is still struggling to be accepted by everyone and like any volatile investments, its value fluctuates dramatically.
I commend you for being a believer in cryptocurrency- I myself just celebrated my first year in this field last November 2017 and, I have to be honest and frank with you, I just started by accumulating my first satoshi by doing some internet surveys and, doing some faucet drips.
As for my opinion with the btc price, I think that it will continue its fluctuations just like before but to say that it will become worthless completely in the next six months or so is impossible. Furthermore, who knows if a new breakthrough just like thedogethereum bridge might increase its value in the near future?
If you wanted to earn something from your investment, I suggest that you monitor the stock market and trade your coins when its at its peak price or exchange it to other alt coins that you believe is doing better than the rest of the pack.
Cloud mining is only good if there is good profits i personally mine dogecoins using eobot but they have very low returns on investment so i have stopped investing my crypto there however there are some other options like minergate etc.. you can rent a miner and point it to minergate pool with worker details for efficient mining i have mined 40 bytecoin from minergate (using own cpu power)
Posted using Partiko Android
Some friends of mine built their own miningfarm about 50 km from my home place away!
The Energy for the mining-racks is 100% out of waterpower plants. I just investet a small amount and now i‘m happy about it. today it is not possible to mine out of the costs. Perhabs some day this changes, let‘s see.
Greetings, Robert
Posted using Partiko iOS
I think you should continue mining for as long as you can and quit if you're unable to support the bills. I believe it's an investment that will pay off in the next few months.
Posted using Partiko Android
I don´t think it is a matter of years now... but yes it will require a lot more time, I´m thinking of 8 months maximum to see a crazy value for some coins again.
I never really got into mining, not something that interests me, I'm more of an investor.
Most mining cannot be withdrawn,
Mining There are too many scams,
Caused many people to lose confidence
Great initiative - https://steem-bounty.com/services/vote-club
Thanks!